Fencing Market - Industry Analysis, Size, Share, Growth, Trends and Forecast - 2023
Market Overview
Market Research Future (MRFR) projects the Fencing Market 2020 to record a growth rate of close to 5.12% between 2018 and
2023, which is the appraisal period. It is also estimated that the market value
by the end of 2023 can be USD 26.51 billion, adds MRFR. We will provide
covid-19 impact analysis with the report. The COVID-19 research on the fencing market
offers an in-depth analysis post the coronavirus disease outbreak.
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COVID-19 Analysis
The construction industry, and in turn the fencing market was
flourishing backed by heavy investments, but the recent COVID-19 outbreak has
suspended various construction activities. In the wake of the pandemic, there
is scarcity in labor and rising vulnerability in the supply chain, which has
led to project delays in the existing projects as well as the upcoming ones.
Uncertainty induced by the current lockdown situation has made it tough to
predict how fast the fencing market can recover in the coming years. Lockdowns due
to SARS-CoV-2 has pegged back the demand for fencing in the construction
industry, leading to massive financial loss.
On a bright note, a majority of countries are coming up with financial
support of unprecedented level to curb the revenue loss and are also offering short
term credit insurances for the same reason. Considering these factors, it is
likely that the fencing market can remain strong and even recover to a large
extent between 2018 and 2023.
Key Boosters and Main Deterrents
The fencing market growth is warranted by the surge in housing construction,
as well as remodeling activities across developing regions. High-reliability and
low maintenance costs properties make fencing a valuable commodity in the
construction sector. With safety concerns mounting and the spending on rebounding
transportation, commercial and offices constructions increasing, the fencing
market size can expand at a notable pace in the following years.
Fencing products are increasingly being used in construction
activities, as customers are mindful of its ability to enhance the value as
well as the appearance of the property. Institutes are spending considerably on
construction in conjunction with the government expending significantly on enhancing
public places, government premises and parks, which can boost the demand for fencing
materials.
Farmers across regions are now mostly focused on protecting their livestock
and property, which makes them invest heavily on fencing. Innovations in the
fencing industry and the emergence of new and innovative materials that are not
only affordable but also elevate the durability can contribute to the market
profits in the years ahead.
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Market Segmentation
The worldwide market for fencing can be considered for product,
material as well as end-user.
The types of materials used in the fencing process are plastic
& composites, concrete, metal, wood, and others. Metal fencing is the biggest market across the
globe on account of the rising need for better flexibility and durability,
which can be met only by this material. Metal fence has also gained prominence
in the global market backed by its higher security level and cost-effectiveness.
The products described in the research include welded fence, electric
fence, hinge-joint fence, and others. The market for electric fencing can
observe the best growth rate in the following years, based on their benefits in
terms of higher detection ability, easy installation, ease of operation,
reduced maintenance costs and more. Electric fencing notes the highest demand
in defense & security areas.
The key end-users in the worldwide market are commercial, residential,
agricultural and industrial. The fastest gaining market will belong to the residential
category, as a result of the fast expanding real-estate and residential sector
and the consequent surge in the construction of living spaces and homes.
Regional Study
The fencing market size has been evaluated extensively across the
primary regions of Europe, North America, Asia Pacific or APAC, and Rest of the
world or RoW.
In 2017, reports confirmed that the largest market for fencing was
owned by North America, while Europe and APAC clinched the second and third
spot, respectively.
The fencing market in North America observes multiple innovations,
with respect to manufacturing and technology in the construction industry. A
strong distribution network along with a robust manufacturing lineup gives way
to launch of products that are more advanced, which boosts the customer base in
the fencing market. The regional market is thriving on the back of a steady economy
combined with a developed real estate sector across the United States (U.S) and
Canada.
The APAC market is going strength to strength on a global scale,
as a result of the advancing agricultural industry in India as well as China
and the consequent rise in the demand for fencing by farmers. The surge in urbanization
and the increasing spending on fencing by diverse institutes in India can
induce market growth to a large extent. The soaring need for fencing bridges along
with boom in highway construction also speeds up the market expansion rate
across the region.
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